Do I need Medicare if I'm still working? | Best practices when turning 65!



If you are turning 65 and are eligible but you are still working, you may be wondering what should I do? Should I sign up for Medicare now? Should I wait until I stop working? What is my best option?

Today we’re going to talk about what you should do if you’re 65 and eligible for Medicare but you are still working. So, maybe you are 65 or older but either you are not ready to retire, or maybe you can’t quite retire yet and you need guidance on this topic and whether or not you should sign up for Medicare. 

You can watch our latest video below:

How many Employees does your company have: 

Less than 20 employees or 20 or more employees? This is something that is important to talk to your employer about if it is fairly close to 20 to see how he files. 

Medicare typically pays first if your company has less than 20 employees. This means that you would want to get off of the group plan and be on Medicare b/c the group plan would be secondary and you don’t need both. The only cases that Medicare would not pay first is if your employer joins with other employers or employee orgs to sponsor a group health plan and any of those other employers have 20 or more employees, you’ll need to find out from your employer if Medicare pays first or second. If Medicare pays first you would want to be on it.

The group plan generally pays first if your employer has 20 or more employees. This means that if the group health plan did not pay all of your bill, Medicare would kick in and pay the secondary payment based on what the group health plan paid. If you are employed and have a really great group plan through them, you would most likely not want to be on Medicare if that plan is paying most of the bill. 

How staying on the group plan Works: 

So, if you are under a larger employer with good contribution and great benefits and you are staying on the group plan, your part A Medicare will start when you are 65 which is great. The one thing you want to make sure of is that you do not start part B because you have to pay premiums and it is really important to not start part B until you are ready. 

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